Kalman Mizsei

This book views the Ukrainian Revolution of Dignity, from a broad systemic perspective, as an ongoing process in which societal, economic, political, and institutional developments are intertwined. The Euromaidan and further developments, especially the Russian aggression, accelerated the westward reorientation of the economy, strengthened institutional checks and balances (for instance, through decentralization), changed the main social cleavage from an ethnolinguistic one to a division between urban creative and “oligarchic” classes, reshaped identity towards formation of a political nation, and increased the role of modernizing forces, especially civil society. However, so far, the Revolution has failed to bring about, despite some progress, a critical mass of changes regarding the rule of law while much of the economy remains rent-oriented. If modernizing forces are prudently managed, Ukraine has a chance to move forward on an evolutionary path. Otherwise, new conflicts are possible.

Banking in Transition Economies is a modern analysis of banking in the transition economies of Central and Eastern Europe and includes a detailed examination of banking in the first five years of transition as well as policy recommendations for banking reform in the region. This authoritative book presents an extensive investigation of changes in the structure of the banking industry and the progress of privatization, particularly in Hungary, Poland and the Czech Republic. Privatization and the restructuring of 'problem banks' are analysed as well as the strategy for re-capitalization and bank failure, and the role of foreign banks in bringing reform to the region. The book offers policy prescriptions for the transition from a passive banking structure to an active financial sector supporting the development of the industrial sector, and for the role of the state after privatization. This book will be of great importance to bankers in Central and Eastern Europe and economists interested in the process of transition, as well as financial and monetary economists.